Are you looking to achieve financial independence and retire early? The FIRE movement might be just what you need to kickstart your journey towards financial freedom. Chrissy Arsenault and her husband, Ryan, are perfect examples of how the FIRE movement can help you grow your net worth and reach your financial goals.
Chrissy and Ryan didn’t come from a wealthy background, so they knew that hard work and frugality would be key to getting ahead financially. When they discovered the FIRE movement in their mid-20s, they saw it as a guide to help them achieve their dreams of early retirement.
FIRE, which stands for Financial Independence, Retire Early, is all about saving and investing to build a nest egg that allows you to retire well before the traditional age of 65. Chrissy and Ryan dove headfirst into the FIRE community, consuming content like YouTube videos, podcasts, and newsletters to learn more about maximizing savings and reaching financial independence.
Their efforts have paid off, as they have grown their combined net worth to over $800,000 in just a few years. Their goal is to reach $2.5 million in investments over the next decade or so, paving the way for an early retirement in their 40s.
One of the keys to their success has been their commitment to living a FIRE lifestyle. They focus on spending less, making more, and investing wisely. By cutting back on dining out, buying in bulk, and avoiding unnecessary expenses, they have been able to save more money each month.
In terms of making more money, Chrissy has climbed the corporate ladder to secure a six-figure salary and also works as a registered dietician on the side. Ryan manages their investment properties to generate passive income while working full-time in human resources. Together, they bring in a combined taxable income of around $250,000.
They prioritize investing in their retirement accounts and index funds, while also keeping a healthy emergency fund of six months’ worth of expenses. Moving to Colorado from Indiana changed their cost of living significantly, especially in terms of housing costs, which they had to adjust to during their FIRE journey.
Looking ahead, they are expecting their first child, which will bring new monthly expenses. However, they have already started planning for the financial impact of raising a child, including saving for their child’s college education through a 529 plan.
The FIRE movement isn’t for everyone, as it requires discipline, sacrifice, and careful financial planning. However, the principles of FIRE, such as saving and investing early to benefit from compound returns, can be applied by anyone looking to improve their financial situation.
If you’re inspired by the FIRE movement or looking to adopt some of its principles, we’d love to hear from you! Reach out to us at Extreme Investor Network to share your financial journey or learn more about how we can help you achieve your financial goals.